Construction to start on Broadway development
WESTFIELD announced it will start construction work in the New Year on the long-awaited £260m Bradford Broadway development, bringing to an end speculation that the stalled project might not go ahead.
The Australian developer also announced its has completed the sale of its interest to pan European retail real estate investment manager Meyer Bergman.
Final site enabling works are being completed this month in preparation for construction starting in January.
The new centre in the heart of the city is expected to open its doors in time for the Christmas shopping period in 2015 and is estimated to create 1,500 construction jobs and 2,500 new retail jobs for Bradford.
The 570,000 sq ft new shopping centre will feature a 106,000 sq ft Debenhams department store and a 63,000 sq ft Marks & Spencer as anchor retailers, along with 70 additional shops, restaurants and cafes, including major high street retailers Next, River Island and just announced Topshop, Topman and Sainsbury’s.
Meyer Bergman acquired the scheme as the initial investment for its second value-add fund, Meyer Bergman European Retail Partners II, which has a strategic focus on defensive prime assets located in city centre shopping destinations across Europe.
The fund completed the purchase of the Bradford site with co-investment from two major Canadian pension funds, Healthcare of Ontario Pension Plan and AIMCo.
Together they appointed Westfield to develop, design, construct and lease the project. Westfield will also act as the property manager for the centre following completion of the development.
Michael Gutman, Westfield managing director UK/Europe and new markets said: “Westfield is delighted to announce the start of construction having remained steadfastly committed to delivering the Bradford development following cessation of work in 2008 as a result of the global financial crisis.
“Westfield has worked intensively with Bradford Council, the Government and Meyer Bergman to attract new retailers, create new jobs and ensure that this development is built for the city and the people of Bradford.”
Coun David Green, leader of Bradford Council, said it was an important day and marks a very significant step forward for Bradford city centre.
He said: “Since 2010 we have supported investment in the city centre, including establishing the growth zone, constructing City Park and working with Westfield to ensure this shopping centre becomes a reality.
“Major retailers have now confirmed their strong confidence in Bradford city centre and its potential to become the shopping destination for local people and the wider area. The Broadway shopping centre will create many new jobs for Bradford and support the whole city centre and existing businesses by increasing footfall in the city. We are working with Westfield to also maximise benefit to local businesses during the construction phase.”
The Broadway development already has retailer commitments for more than 50% of its floor space.
